CONTRACTORS’ ALL RISK
This policy is designed to protect the interests of contractors and principals in respect of the Civil engineering projects, like buildings, bridges, tunnels etc. The policy provides an “All Risk” cover. Every risk is covered which is not specifically excluded. This means that almost any sudden and unforeseen loss or damage occurring during the period of insurance to the property insured on the construction site is indemnified. This insurance provides comprehensive protection against loss or damage in respect of the contract works, construction plant & equipment and/or construction machinery and alsothe Third party claims in respect of property damage or bodily injury arising in connection with the execution of the contract.

The CAR policy may be effected by the interested parties in the project but primarily by Principal or by the Contractor engaged for the work and generally includes all sub-contractors. The cover begins from the start and terminates when the completed project is handed over or any completed part is taken over or put into service.

Sum Insured is required by the policy to be equal to the estimated completely erected value of the contract works inclusive of materials, wages, construction costs, freight, customs duties and items supplied by the principal. If the sum insured is less than the amount required to be insured the Insurers will apply average to the extent of under insurance.

ERECTION ALL RISK
Erection All Risk (EAR)is designed to cover the risk of loss caused by the erection and installation of machinery, plant and steel structures, including physical damage to the contract works, equipment and machinery. While erecting and installing machinery, risks of property damages are high. EAR also covers bodily injury and property damage of third party liability resulting from these operations. Insured parties include the general contractor, subcontractors, and in some cases, the suppliers and manufacturers of equipment. The coverage is the same as under the C.A.R Policy. The Sum Insured shall be the completely erected value of the property inclusive of freight etc. and the cost of erection. Average is applied if there is under insurance.

MACHINERY BREAKDOWN
Machinery Breakdown is designed to provide cover for machinery against any unforeseen and sudden physical loss or damage necessitating its repair or replacement due to causes such as Defects in casting and material, Faulty design, Faults at workshop or in erection, Bad workmanship, lack of skill, carelessness, Shortage of water in boilers, Physical explosion, Electrical causes such as short circuit.

The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation and installation charges).

CONTRACTOR PLANT & MACHINERY
This insurance provides cover to Construction Machinery& Equipment used by the contractor within the work site, whether these items are at work or at rest or being dismantled for cleaning or overhauling or in the course of the aforesaid operation or in the course of subsequent re-erection after the operation has been tested successfully, against any unforeseen and sudden physical loss or damage from any cause including electrical or mechanical breakdown but except those specifically excluded under the terms of the Policy. The indemnity under the policy is for replacement or repair.

The sum insured should always be equal to the costs of replacement of the insured machinery by new machinery of the same kind at the same place (value of the new item plus customs duties plus transportation).

ELECTRONIC EQUIPMENT
The Electronic Equipment insurance policy covers the sudden, accidental loss or damage to all type of computers including microprocessors, word processors, telecommunication instruments, electrical data processing systems, medical equipment, films and television studio equipment, electronic boards and all other electronic systems and installations.

The sum insured must always be the replacement value of the insured electronic equipment (value of the new item plus customs duties, transportation and installation charges).

BOILER & PRESSURE VESSELS
Boiler Insurance is designed to provides indemnity for loss or damage to boilers resulting in explosion and collapse due to overpressure and failure of safety valves, faulty workmanship, defective materials and faulty design. The policy covers damage to the pressure vessel, damage to the contents of the pressure vessel, damage to the surrounding property of the assured, damage to the property belonging to third parties.

DETERIORATION OF STOCK
Deterioration of stock policy provides cover against loss due to deterioration, purification or contamination of goods placed in cold storage, which might arise due to rise in temperature in cold storage chambers because of breakdown of refrigerating machinery. The event resulting in deterioration of stock in cold storage must always be identifiable, i.e., loss of or damage to the refrigerating equipment which is covered under a Machinery Breakdown Policy. Therefore, a deterioration of stock policy can only be taken out in connection with Deterioration of stock insurance is a complementary cover to machinery insurance and conjunction with the Machinery Breakdown cover.

It is possible to extend the deterioration of stock cover to include deterioration due to the failure of the public power supply, provided the arrangements regarding public and back-up power supplies is found to be satisfactory.

MACHINERY LOSS OF PROFITS
Loss of Profits following Machinery Breakdown (LOP) is designed to provide coverage for the actual loss of profits, sustained as a result of business interruption caused by an accident, indemnifiable under the Machinery Breakdown Insurance Policy.

The consequential loss following a breakdown of a machinery, plant or equipment due to a sudden and unforeseen event would sometimes be worse than the extent of physical damage. Production and business comes to a standstill sometimes, but fixed expenses such as salary, wages, interest on capital, rent etc., will continue to be incurred resulting in loss of gross profits and increased cost of working during the interruption period.